when an independent cpa assists in preparing the financial statements of a publicly 602374
When an independent CPA assists in preparing the financial statements of a publicly held entity, but has not audited or reviewed them, the CPA should issue a disclaimer of opinion. In such situations, the CPA has no responsibility to apply any procedures beyond
- Documenting that internal control is not being relied on.
- Reading the financial statements for obvious material misstatements.
- Ascertaining whether the financial statements are in conformity with GAAP.
- Determining whether management has elected to omit substantially all required disclosures.